WHAT YOU SHOULD KNOW

• Nationwide existing home sales decreased in January, seeing the largest annual decline in more than three years, according to the latest release from the National Association of Realtors. 

• Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 3.2% in January to a seasonally adjusted annual rate of 5.38 million, down from a downwardly revised 5.56 million in December. Sales are now down 4.8% from last year, representing the largest annual decline since August 2014 and the slowest pace since September’s 5.37 million. 

• The national median existing home price for all housing types in January was $240,500, up 5.8% from January 2017’s $227,300. This marks the 71st straight month of annual gains. 

• Total housing inventory nationwide at the end of January increased 4.1% to 1.52 million existing homes available for sale, however, this is still down 9.5% from the year before, and has fallen annually for 32 consecutive months. Unsold inventory now stands at a 3.4-month supply at the current sales pace, down from 3.6 months last year.